Sandhar Technologies Beneish M-Score Historical Data
The historical data trend for Sandhar Technologies's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Sandhar Technologies Beneish M-Score Chart
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Sandhar Technologies Annual Data
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| Beneish M-Score |
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-3.47 |
-1.73 |
-2.07 |
-3.20 |
-2.60 |
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Sandhar Technologies Quarterly Data
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| Beneish M-Score |
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-2.60 |
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Competitive Comparison of Sandhar Technologies's Beneish M-Score
For the Auto Parts subindustry, Sandhar Technologies's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Sandhar Technologies's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Sandhar Technologies's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sandhar Technologies's Beneish M-Score falls into.
Sandhar Technologies Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Sandhar Technologies for today is based on a combination of the following eight different indices:
| M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
| = | -4.84 | + | 0.92 * 1.063 | + | 0.528 * 0.9483 | + | 0.404 * 1.0103 | + | 0.892 * 1.2113 | + | 0.115 * 0.8767 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.03 | + | 4.679 * -0.067994 | - | 0.327 * 1.0078 |
| = | -2.60 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
| This Year (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was ₹4,583 Mil.
Revenue was ₹34,716 Mil.
Gross Profit was ₹11,233 Mil.
Total Current Assets was ₹9,188 Mil.
Total Assets was ₹24,273 Mil.
Property, Plant and Equipment(Net PPE) was ₹13,511 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹1,536 Mil.
Selling, General, & Admin. Expense(SGA) was ₹618 Mil.
Total Current Liabilities was ₹9,681 Mil.
Long-Term Debt & Capital Lease Obligation was ₹3,824 Mil.
Net Income was ₹1,098 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹2,748 Mil.
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Total Receivables was ₹3,559 Mil.
Revenue was ₹28,661 Mil.
Gross Profit was ₹8,794 Mil.
Total Current Assets was ₹7,809 Mil.
Total Assets was ₹21,554 Mil.
Property, Plant and Equipment(Net PPE) was ₹12,362 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹1,215 Mil.
Selling, General, & Admin. Expense(SGA) was ₹496 Mil.
Total Current Liabilities was ₹7,835 Mil.
Long-Term Debt & Capital Lease Obligation was ₹4,064 Mil.
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1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
| DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
| = | (4582.793 / 34716.338) | / | (3559.372 / 28661.317) |
| = | 0.132007 | / | 0.124187 |
| | = | 1.063 |
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) |
| = | (8794.057 / 28661.317) | / | (11232.5 / 34716.338) |
| = | 0.306827 | / | 0.323551 |
| | = | 0.9483 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (9188.041 + 13511.027) / 24272.527) | / | (1 - (7809.298 + 12361.54) / 21553.767) |
| = | 0.064825 | / | 0.064162 |
| | = | 1.0103 |
4. SGI = Sales Growth Index
Ratio of Revenue in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
| SGI | = | Sales_t | / | Sales_t-1 |
| = | Revenue_t | / | Revenue_t-1 |
| = | 34716.338 | / | 28661.317 |
| | = | 1.2113 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
| DEPI | = | (Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) | / | (Depreciation_t / (Depreciaton_t + PPE_t)) |
| = | (1215.235 / (1215.235 + 12361.54)) | / | (1536.207 / (1536.207 + 13511.027)) |
| = | 0.089508 | / | 0.102092 |
| | = | 0.8767 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
| SGAI | = | (SGA_t / Sales_t) | / | (SGA_t-1 /Sales_t-1) |
| = | (618.397 / 34716.338) | / | (495.686 / 28661.317) |
| = | 0.017813 | / | 0.017295 |
| | = | 1.03 |
7. LVGI = Leverage Index
The ratio of total debt to Total Assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((3824.426 + 9680.566) / 24272.527) | / | ((4063.982 + 7835.038) / 21553.767) |
| = | 0.55639 | / | 0.552062 |
| | = | 1.0078 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
| TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (1097.776 - 0 | - | 2748.16) | / | 24272.527 |
| | = | -0.067994 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Sandhar Technologies has a M-score of -2.60 suggests that the company is unlikely to be a manipulator.
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